The Best Term Life Insurance: Comparing Policies and Rates

Shawn Plummer

CEO, The Annuity Expert

When it comes to choosing the best term life insurance policy, there are only a few factors to consider. How much coverage do you need? What is the premium? Is the company reputable? In this guide, we will compare five of the most popular term insurance policies on the market. We will look at the benefits and rates of each policy so that you can make an informed decision about which policy is right for you.

What Makes The Best Term Life Insurance Policy? (Professional Opinion)

The two primary factors to determine the best term life insurance plan are the financial rating of the insurance company and the cost of death benefit coverage. All term life insurance policies work the same so it comes down to ratings and cost.

The best term life insurance companies are rated A++ (Superior) by AM Best Company, have been in business for over 100 years, and offer policies with level premiums. However, any insurance company with a rating of A or above is a solid choice.

Some people also feel that it is important to choose a term life insurance company that has a good reputation and is known for paying claims. While this is not a guarantee that the company will never have financial problems, it is something to consider when choosing a policy.

What Is The Cost Of Term Life Insurance?

The cost of term insurance varies depending on the length of the policy, the amount of death benefit coverage, the age and health of the applicant, and other factors.

Generally, the younger and healthier you are, the cheaper your policy will be. A healthy 30-year-old man can get a 20-year term insurance policy for about $15 per month. A 40-year-old woman who smokes cigarettes will pay about $35 per month for the same coverage.

What Are The Benefits Of Term Life Insurance?

Term insurance is the most basic type of life insurance. It is designed to provide financial protection for a specific period of time, such as 20 years or 40 years. If you die during the term of the policy, your beneficiaries will receive a death benefit. If you do not die during the term, the policy expires and you do not receive any benefit.

Term life is also the most affordable type of policy, which makes it a good choice for people who are on a budget. It is also simple to understand and does not have the cash value or investment features that whole life insurance policies have.

Which Term Life Insurance Is Best?

Protective

Protective offers one of the most popular term life policies on the market. The policy is available for terms of ten to forty years, and it offers coverage amounts of $100,000 to $50,000,000. The company is rated A+ by AM Best Company and has been in business for 110 years. You can get a life insurance quote from Protective online or by calling their customer service number.

AIG

AIG offers a variety of term insurance policies that are available in terms of ten to thirty-five years. The coverage amounts range from $100,000 to over $1 million. The company is rated A by AM Best Company and has been in business since 1919. You can get a life insurance quote from AIG online or by calling their customer service number.

Lincoln National

Lincoln National is another popular choice for term insurance. The company offers policies with terms of ten to thirty years and coverage amounts of $250,000 to over $1 million. Lincoln National is rated A+ by AM Best Company and has been in business since 1905. You can get a life insurance quote from Lincoln online or by calling their customer service number.

Pacific Life

Pacific Life is a good choice for a term policy. The company offers policies with terms of ten to thirty years and coverage amounts of $50,000 to over $1 million. Pacific Life is rated A+ by AM Best Company and has been in business since 1868. You can get a life insurance quote from Pacific Life online or by calling their customer service number.

Banner Term

Banner Life is another good choice for term insurance. The company offers policies with terms of ten to forty years and coverage amounts of $100,000 to over $1 million. Banner is rated A+ by AM Best Company and has been in business since 1949. You can get a life insurance quote from Banner online or by calling their customer service number.

What is the best term life insurance with return of premium?

Term insurance with return of premium is the best type of life insurance to get if you want death benefit coverage for a set period of time, but with the added benefit of getting your life insurance premiums back if you don’t die during the term. This can be a great option for those who are looking for temporary coverage or for those who want the peace of mind that comes with knowing their premiums will be returned if they don’t need the coverage.

The best term insurance with a return of premium feature is Assurity and Mutual of Omaha. Shop term life insurance quotes with return premium with our free online quoting tool.

What Are The Best Term Life Insurance Companies?

State Farm

State Farm is one of the largest and most well-known insurance companies in the United States. They have been in business for over 100 years and are a trusted name in the industry. State Farm offers a variety of life insurance products, including term life insurance. In addition, they have an excellent reputation for customer service and claims processing. You can get a quote from State Farm online or call their customer service number. Please read our full review on State Farm Life Insurance.

North American

North American Life Insurance Company is another large and well-established insurer. They have been in business for over 150 years and are one of the oldest life insurance companies in the world. North American offers a variety of permanent life insurance policies and term insurance products, including level term, renewable term, and convertible term policies. You can get a quote from North American online or by calling their customer service number.

More DetailsNorth American Term Life Insurance

Lincoln Financial Group

Lincoln Financial Group is a Fortune 500 company that offers a variety of financial products and services, including life insurance. They have an excellent reputation for customer service and claims processing. Lincoln offers several different types of term life insurance, including level term, renewable term, and convertible term policies. You can get a quote from Lincoln online or by calling their customer service number.

More DetailsLincoln Term Life Insurance

Banner Life

Banner Life Insurance Company is a subsidiary of Legal & General, a large international financial services company. Banner offers a variety of term life insurance products, including level term, renewable term, and convertible term policies. You can get a quote from Banner online or by calling their customer service number.

More DetailsBanner Term Life Insurance

John Hancock

John Hancock is one of the oldest and most well-known life insurance companies in the United States. They have been in business for over 200 years and are a trusted name in the industry. John Hancock offers a variety of term life insurance products, including level term, renewable term, and convertible term policies. You can get a quote from John Hancock online or by calling their customer service number.

More DetailsJohn Hancock Term Life Insurance

Protective

Protective Life Insurance Company is a subsidiary of Dai-ichi Life, a large Japanese financial services company. Protective offers a variety of term life insurance products, including level term, renewable term, and convertible term policies. You can get a quote from Protective online or by calling their customer service number.

More DetailsProtective Term Life Insurance

Transamerica

Transamerica is another large insurance company that offers a variety of life insurance products, including term life insurance. They have been in business for over 100 years and are a trusted name in the industry. Transamerica has an excellent reputation for customer service and claims processing. You can get a quote from Transamerica online or by calling their customer service number.

More DetailsTransamerica Term Life Insurance

Prudential

Prudential is one of the largest and most well-known insurance companies in the United States. They have been in business for over 150 years and are a trusted name in the industry. Prudential offers a variety of life insurance products, including term life insurance. They have an excellent reputation for customer service and claims processing. You can get a quote from Prudential online or by calling their customer service number.

More DetailsPrudential Term Life Insurance

Pacific Life

Pacific Life Insurance Company is another large and well-established insurer. They have been in business for over 150 years and are one of the oldest life insurance companies in the world. Pacific Life offers a variety of term life insurance products, including level term, renewable term, and convertible term policies. You can get a quote from Pacific Life online or by calling their customer service number.

More DetailsPacific Life Term Life Insurance

Principal Life

Principal Life Insurance Company is a subsidiary of the Principal Financial Group, a large financial services company. Principal offers a variety of permanent coverage and term life insurance products, including level term, renewable term, and convertible term policies. You can get a quote from Principal online or by calling their customer service number.

AIG

AIG is one of the largest and most well-known insurance companies in the United States. They have been in business for over 100 years and are a trusted name in the industry. AIG offers a variety of life insurance products, including term and permanent coverage. They have an excellent reputation for customer service and claims processing. You can get a quote from AIG online or by calling their customer service number.

Nationwide

Nationwide is one of the largest insurance companies in the United States. They have been in business for over 80 years and are a trusted name in the industry. Nationwide offers a variety of life insurance products, including term and permanent life insurance. You can get a quote from Nationwide online or by calling their customer service number.

Ethos (Best New Company)

Ethos Life Insurance Company is a relatively new company, but they are quickly making a name for itself in the life insurance industry. Ethos offers a variety of permanent life insurance and term life insurance products, including level term, renewable term, and convertible term policies. You can get a quote from Ethos online or by calling their customer service number.

Compare All 5 Term Life Insurance Policies To Get The Best Rates

While all of these companies are solid choices for term insurance, it is important to compare rates and policies before choosing one. It is also important to make sure that the company you choose is rated highly by AM Best Company and has been in business for a long time. You can use an online comparison tool to compare rates and policies to determine the best life insurance company for your needs. Make sure to enter your personal information accurately so that you can get accurate quotes.

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Conclusion

At the end of the day, when it comes to finding the best term insurance policies, you need to consider two things: the financial rating of the insurance company and the cost of death benefit coverage. While all term life insurance policies work essentially the same way, it’s important to find a reputable company with a good financial rating and compare rates between companies to make sure you are getting the best deal. Requesting quotes is an easy way to do this, so don’t hesitate to reach out for one today.

The Best Term Life Insurance Policies

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Frequently Asked Questions

What is the best term life insurance with no medical exam?

Ethos Life Insurance and Bestow Life Insurance are the best term insurance that requires no medical exam in the application process because they are A+ rated insurance companies.

Who offers the best term life insurance rates?

Because of their higher maximum coverage levels, affordable rates, and strong financial rating with A.M. Best, Banner Life, AIG, and Pacific Life offers the best term insurance rates.

Who offers the best term life insurance for seniors?

Because of their higher maximum coverage levels, affordable rates, and strong financial rating with A.M. Best, Banner Life, AIG, and Prudential offers the best term insurance for seniors.

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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